Innovation-driven entrepreneurs in Qatar stand to gain from a $5mn startup fund being developed to support and promote the growth of small companies, an official of a venture and a growth capital platform has said.
Dr Tejinder Singh, founder and chairman of 360 Nautica, said the startup fund is the product of a partnership between 360 Nautica and India’s seed investment and innovation platform, Venture Catalysts.
“We are already in the process of launching something called 360-VCats. The idea is to bring that company as a joint venture with us and help government in terms of funding, mentoring, and coaching startups, and to bring them to the commercial level where they can sell their products and services,” Singh told Gulf Times on the sidelines of the Qatar Summer Festival 2017.
Singh also said 360 Nautica is working with Qatar Business and Incubation Centre (QBIC) to identify startups that could benefit from the fund, “which would be ready by September or October this year.”
Asked about impact of the current economic blockade on the startup ecosystem in Qatar, Singh said the startup fund could help small businesses maximise the exposure of their products and services in the local market.
“We are looking at encouraging investment into these kinds of startups in Qatar…I was already looking at this kind of opportunity where there are hundreds of startups and people with ideas and energy; it’s just that they’re short of resources.
“So, we thought we’ll not only fund them but also mentor and coach them, and bring them to a level where they are commercial in nature. Qatar can benefit in terms of having companies that produce locally what the market needs,” Singh emphasised.
As board member of Entrepreneurs Organisation Qatar, Singh said the expertise of around 10 to 15 entrepreneurs through EO Qatar would be tapped for mentoring and coaching.
“I want to bring on board entrepreneurs from all walks of life, those who are in production, manufacturing, services, and trading, as well as banking and finance so you get the flavour of everything you want to learn when you are being mentored and coached – that’s what brings you to the commercial level,” he pointed out.
Singh added, “The products and services of startups and entrepreneurs need more validation in the market, which is why it is important to bring in experienced entrepreneurs, who have real stories to tell, and real methods and strategies to impart.”
Dr Tejinder Singh
